Lily borrowed a total of $ 10 , 000 . She borrowed part of the money from her friend Sly who did not charge her interest. She borrowed part of the money from a credit union at 5 % simple interest, and she borrowed the rest of the money from a bank at 7.5 % interest At the end of 1 yr, she owed $ 500 in interest If she borrowed $ 1000 less from her friend than she did from the bank, determine how much she borrowed from each source.
Lily borrowed a total of $ 10 , 000 . She borrowed part of the money from her friend Sly who did not charge her interest. She borrowed part of the money from a credit union at 5 % simple interest, and she borrowed the rest of the money from a bank at 7.5 % interest At the end of 1 yr, she owed $ 500 in interest If she borrowed $ 1000 less from her friend than she did from the bank, determine how much she borrowed from each source.
Solution Summary: The author calculates the amount borrowed from each source by Lilly, if she borrowed 10,000 and 1000 less from her friend than from a bank.
Lily borrowed a total of
$
10
,
000
. She borrowed part of the money from her friend Sly who did not charge her interest. She borrowed part of the money from a credit union at
5
%
simple interest, and she borrowed the rest of the money from a bank at
7.5
%
interest At the end of
1
yr, she owed
$
500
in interest If she borrowed
$
1000
less from her friend than she did from the bank, determine how much she borrowed from each source.
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Elementary Statistics: Picturing the World (7th Edition)
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